Crusoe is in talks to raise about $3 billion in a funding round that could triple its valuation to roughly $30 billion, Bloomberg reported. The proceeds would let the San Francisco AI data center builder scale up production of the prefabricated modules it uses to erect gigawatt-class AI factories for OpenAI, Microsoft, Oracle and Meta.
From $10B to $30B in nine months
Crusoe was last valued at about $10 billion in October 2025 Series E, co-led by Valor Equity Partners and Mubadala Capital. If the new round closes near the reported $30 billion, it caps a nine-month re-rating driven almost entirely by hyperscaler demand for turnkey AI capacity. Total capital raised across all rounds would then top $5.7 billion, per the company disclosures.
Modular AI factories for OpenAI Stargate
The flagship project is a 1.2-gigawatt cluster in Abilene, Texas built for OpenAI as the ChatGPT developer largest Stargate campus. Crusoe disclosed in June that two of eight planned buildings on the site are operational. Meta has reportedly signed for two Crusoe sites under construction in Texas and Missouri, joining Microsoft and Oracle on the customer roster.
Ramp comes from a new module factory
Crusoe assembles data centers from prefabricated modules pre-loaded with server racks, power management and cooling. In March, the company opened a factory to build those modules at scale and said first shipments would leave the plant in Q2 2026. The $3 billion round is widely expected to fund the ramp, plus continued expansion of the Command Center software layer that automatically replaces failed AI servers with spares. If Crusoe hits its projected valuation, it will slot in alongside CoreWeave, Nebius and Applied Digital as a neocloud investor magnet.
Reporting based on coverage from Bloomberg and SiliconANGLE.